The Rec-Chek Process is very easy for the staff at the community bank. All the staff has to do is get the customers’ bank statements to the Rec-Chek Service Bureau. This can be done electronically, or through the mail. Once the Service Bureau receives the bank statement, the account is processed, and the monthly reports are mailed directly to the customer.
Why Businesses Choose REC-CHEK Expense Coding
All small businesses have one thing in common: to be profitable, they need to stay focused on saving time and making money. To manage any business, good records are a must. Unfortunately, not knowing where to start, many small businesses keep poor records, costing them time, money, and adding unnecessary complications. One alternative is to pay up to $250 per month for simple bookkeeping by an outside professional. A better solution is Rec-Chek Expense Coding.
Rec-Chek Expense Coding is a unique combination of recordkeeping and banking. It's a bookkeeping system that is a by-product of the check-writing process. The customer codes the check as it is written and monthly cash flow reports of income and expense are produced each month. The need for tax information is not the only reason for recordkeeping. Good records can provide an accurate overview of financial performance, a tool to monitor performance in specific areas, a foundation for sound business planning, and a basis for discussion with partners, potential investors, and lenders. Many business owners have chosen various software programs, with QuickBooks from Intuit being most popular, to handle this task. But most of these systems are too complicated for the average business owner, and don't handle the original entry of the necessary information as easily as Rec-Chek does.
Where to start?
The best place to start is to establish a commercial checking account with a local bank. All business bills should then be paid by check. With Rec-Chek Expense Coding, the business owner can take advantage of a special patented process where each check can be coded at the time the check is written, to automatically record the expense through an automated reconciliation report which is mailed at the end of the month.
With Rec-Chek Expense Coding, business owners will have a journal of original entry, capturing critical information that is simple to use and easy to understand. The monthly reports provided by the program can then be used each month to enter data into QuickBooks or other software programs if they so choose or they can simply hand the journal over to their accounting professional. What a great time saver! By coding the check with 3 simple pen strokes at the time the check is written, and by coding deposits, a complete monthly income and expense statement is created on the fly, without the business owner even realizing that solid record keeping has just occurred! Saving time, and making the business run more smoothly is the reason thousands of small business owners choose Rec-Chek Expense Coding.
For a very low fee per month, a business can save hundreds of dollars, and more importantly, become more organized and more focused on what they do well which is to serve their customers.
Contact us today to learn how your bank can offer Rec-Chek Expense Coding to your business customers.
Why Anyone Can Use REC-CHEK Expense Coding
While Rec-Chek Expense Coding is most attractive for small businesses, high income/ net worth clients, farmers, and non-profits, it also can benefit personal accounts that are looking for an easy way to keep track of their finances. Even though a Personal Financial System such as Quicken™ can produce financial reports, Rec-Chek Expense Coding is much easier to use because the client is done after they write the correct code on their checks or deposit tickets. Clients do not have to sit at their computers for hours entering their transactions. It is all done for them at the Rec-Chek Service Bureau. The result is an easy to read, monthly cash flow report of income and expense. At the end of the year, a Yearly Transaction Journal listing every transaction for the year is included. Tax time becomes much easier because most of the information needed is on the reports. All of this important financial information is at the client’s fingertips. This important financial tool is available for an inexpensive monthly fee. Contact us today to see how your bank and your customers can benefit from Rec-Chek!
